(1)The amount of the gains accruing on the disposal of assets shall be computed in accordance with this Part, subject to the other provisions of this Act.
(2)Every gain shall, except as otherwise expressly provided, be a chargeable gain.
Definitions used in section 15 2
- assets
(a) the reference to “assets” were a reference to “property”, and
Defined in Sch.4ZA para.22(2) · see it in the full Act- asset
In this sub-paragraph “asset” includes part of an asset.
Defined in Sch.8B para.6(1) · see it in the full Act
Cases considering section 15 4
Drummond v HM Revenue & Customs
The provision supplied the general basis for computing gains accruing on a disposal. (see para [14])
HM Revenue & Customs v Smallwood
Section 15(1) confirmed that gains on disposals are computed under Part II, subject to express modifications. It formed part of the statutory context for applying the computation provisions. (see para [57])
Knights Developments Limited v The Commissioners for HMRC
HMRC relied on section 15(2) to argue that domestic tax law uses “gains” more broadly than capital gains. The Tribunal considered that argument but concluded obiter that treaty context required a capital-gains meaning in Article 13. (see paras [152]-[154], [177])
What each judgment says about section 15 is in the case-law panel in the full Act.